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Extra info for An Introduction to the Theory of Value on the Lines of Menger, Wieser, and Böhm-Bawerk

Sample text

Yet the fact that goods may hunger class be purchased at prices from a farthing upwards proves that the community has classified its wants, and said that such and such wants are higher or lower than In other words, we find exchange existing the simplest, and exchange that we have already arranged our wants presupposes on a scale, and said that the satisfaction of such and others. in all communities, even such wants confers a high value, and the satisfaction What is the principle of such and such a low value.

Insignificant be low, for here man, for instance, is very small simply because The same he has few wants that remain unsatisfied. " " is the case if wants are what we might call weak to a rich ; to the plain liver the value of the additional sovereign is perhaps as small as to the rich man. If, conversely, a man's wants are scanty, the many and marginal utility strong, will be and means and the his high, sovereign will find wants, and urgent wants, waiting " to welcome it. It comes nearly to the same thing," " to quote Bohm-Bawerk, to say Usefulness and Scarcity are the ultimate determinants of the value of goods.

Insignificant be low, for here man, for instance, is very small simply because The same he has few wants that remain unsatisfied. " " is the case if wants are what we might call weak to a rich ; to the plain liver the value of the additional sovereign is perhaps as small as to the rich man. If, conversely, a man's wants are scanty, the many and marginal utility strong, will be and means and the his high, sovereign will find wants, and urgent wants, waiting " to welcome it. It comes nearly to the same thing," " to quote Bohm-Bawerk, to say Usefulness and Scarcity are the ultimate determinants of the value of goods.